- Expecting total of 8 WiSA E licensing
agreements by year-end 2024, up from 5 currently -
- First WiSA E-enabled products expected to
contribute revenue in 2H 2024 -
WiSA Technologies, Inc. (the “Company”) (Nasdaq: WISA), a
developer of spatial, wireless sound technology for smart devices
and next-generation home entertainment systems, reported first
quarter 2024 financial results in its Form 10-Q, which was filed on
May 20, 2024. In its conference call and presentation today at 8:00
am PT / 11:00 am ET, management will discuss its WiSA E
initiatives, the Company’s results, and provide a general business
update.
“In Q1 2024, interest from major brands for WiSA E licensing
continued to gain momentum, and to date we’ve secured five
agreements, up from two at the start of 2024,” said Brett Moyer,
CEO, President, and Chairman of WiSA Technologies. “The first WiSA
E-enabled products are anticipated to be delivered and begin
contributing revenue in the second half of 2024. In addition, we
now expect stronger revenue contributions from WiSA HT customers in
the second half of 2024, as their inventories have decreased, and
orders have resumed.
“We’ve made strategic investments in WiSA E, and it will be the
key driver behind the next phase of revenue growth for WiSA. We’re
gaining visibility into that growth as we penetrate multiple end
markets working with the top-tier licensing partners that are
presently implementing our technology. In addition, we remain in
active discussions with multiple brands and expect to add three
more WiSA E licensees in 2024.
“To support this growth, we’ve recently completed a series of
financing transactions and have bolstered our cash balance to
approximately $8 million as of May 20, 2024. With this strengthened
balance sheet, we are well-positioned to execute our WiSA E
strategy and launch plans in 2024,” concluded Moyer.
About WiSA E
WiSA E is WiSA’s proprietary technology that delivers seamless
integration across platforms and devices, setting a new standard
for interoperable high-quality audio excellence. It is
System-on-Chip (SoC) agnostic, compatible with a wide range of SoCs
including MediaTek, Qualcomm, Amlogic, and more. It is also
operating system agnostic, currently integrated with Android
devices, and Wi-Fi agnostic, functioning efficiently across any
Wi-Fi compliant chip. Additionally, it can be seamlessly embedded
into various devices, including TVs, mobile devices, set-top boxes,
and projectors. Designed for interoperability between WiSA E audio
source devices and playback equipment such as speakers, soundbars,
subwoofers, smart speakers, and headphones, WiSA E provides a zero
BOM cost solution, ensuring cost-effectiveness without compromising
quality or performance.
Q1 2024 and Recent Operating Highlights
- Implemented WiSA E in the Android mobile market, enabling users
to watch video on mobile phones and tablets while listening to
fully synchronized audio playback on WiSA E-enabled speakers.
- Expanded WiSA E market reach to over 40 million TVs with the
addition of a third HDTV licensee.
- Executed a fourth 5-year WiSA E licensing agreement with a
major HDTV/PTV (Projection TV) brand.
- Signed a fifth WiSA E licensing agreement with a global
consumer electronics company.
- Announced that Optoma, the nation’s leading 4K UHD and DLP®
laser projection brand, received WiSA SoundSend Certification.
- Entered into a strategic partnership with CITECH Co., Ltd, a
leading South Korean-based manufacturer of hi-fi audio products,
digital advertising/information kiosks, and telecommunication media
products, to integrate WiSA E software into CITECH’s HiFi ROSE line
of media streamers.
Q1 2024 and Subsequent Financial Highlights
- Q1 2024 revenue was $0.3 million, down 46% from $0.5 million in
Q1 2023. The decrease in overall sales is primarily related to a
slow-down in consumer spending on consumer electronics.
- Q1 2024 gross margin as a percentage of sales was negative 33%,
compared to negative 267% in Q1 2023. The improvement in gross
margin compared to the prior period is mainly attributable to the
fact Q1 2023 included a $1.3 million increase in inventory reserves
and Q1 2024 did not have increases in inventory reserves.
- Q1 2024 net income was $2.7 million, as compared to a net loss
of $0.9 million for Q1 2023. The Q1 2024 increase in net income is
primarily due to (i) the change in fair value of warrant
liabilities due to fluctuations in WiSA’s share price, and (ii) Q1
2023 had a $1.3 million increase in inventory reserves impacting
gross profit, whereas Q1 2024 did not. The positive impact on net
income created by the change in warrant liabilities is not expected
to be a recurring event.
- In April 2024:
- Presented its compliance plan before a Nasdaq hearing panel,
which accepted the Company’s plan to achieve compliance with
continued listing requirements, giving the Company until June 28,
2024 to demonstrate such compliance.
- Effected a 1:150 reverse stock split.
- Regained compliance with Nasdaq’s minimum bid price rule.
- Executed a series of financing transactions that strengthened
the balance sheet; as of May 20, 2024, held $8 million in
cash.
Special Stockholders Meeting on May 31, 2024
On May 31, 2024, WiSA Technologies will reconvene its Special
Meeting of Stockholders first convened on May 13, 2024, which did
not reach a quorum and thus had to be rescheduled. The WiSA Board
of Directors again recommend that you VOTE FOR each of the
following proposals:
Proposal #1:
Authorize a Reverse Stock Split
Proposal #2:
Approve an Amendment to the Certificate of
Incorporation to Allow the Board of Directors to Amend the
Bylaws
Proposal #3:
Approve Issuance of Shares upon Exercise
of February 2024 Warrants
Proposal #4:
Approve Issuance of Shares upon Exercise
of March 2024 Warrants
Proposal #5:
Consider and Act Upon Other Business
These proposals are detailed in the Definitive Proxy Statement
on Schedule 14A, filed with the Securities and Exchange Commission
on April 17, 2024, and as amended thereafter. Your vote is
important, and we encourage all stockholders to vote. For
assistance with voting your shares, please contact WiSA’s proxy
solicitor, Lioness Consulting, via email at
info@lionessconsultingllc.com.
WiSA Technologies Investor Conference Call
Management will host its first quarter 2024 results conference
call at 8:00 am PT / 11:00 am ET, on Tuesday, May 21, 2024.
The conference call will be available through a live webcast
found here: Webcast | First Quarter 2024 Results
Those without internet access or who wish to dial in may call:
1- 833-366-1124 (domestic), or 1- 412-317-0702 (international). All
callers should dial in approximately 10 minutes prior to the
scheduled start time and ask to be joined into the WiSA
Technologies call.
A webcast replay of the call will be available approximately one
hour after the end of the call and will be available for one year,
at the above webcast link. A telephonic replay of the call will be
available through May 28, 2024 and may be accessed by calling 1-
877-344-7529 (domestic) or 1- 412-317-0088 (international) or
Canada (toll free) 855-669-9658 and using access code 5191498.
A presentation of the Q1 2024 results will be accessible on
Tuesday, May 21, 2024, under the “Investors” section of WiSA
Technologies’ website.
About WiSA Technologies, Inc.
WiSA Technologies, Inc. (NASDAQ: WISA) is a leading provider of
immersive, wireless sound technology for intelligent devices and
next-generation home entertainment systems. Working with leading CE
brands and manufacturers such as Harman International, a division
of Samsung; LG; Hisense; TCL; Bang & Olufsen; Platin Audio; and
others, the company delivers immersive wireless sound experiences
for high-definition content, including movies and video, music,
sports, gaming/esports, and more. WiSA Technologies, Inc. is a
founding member of WiSA™ (the Wireless Speaker and Audio
Association) whose mission is to define wireless audio
interoperability standards as well as work with leading consumer
electronics companies, technology providers, retailers, and
ecosystem partners to evangelize and market spatial audio
technologies driven by WiSA Technologies, Inc. The company is
headquartered in Beaverton, OR with sales teams in Taiwan, China,
Japan, Korea, and California. For more information, please visit:
www.wisatechnologies.com
Safe Harbor Statement
This press release contains forward-looking statements, which
are not historical facts, within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Our actual results,
performance or achievements may differ materially from those
expressed or implied by these forward-looking statements. In some
cases, you can identify forward-looking statements by the use of
words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,”
“continue,” “likely,” “will,” “would” and variations of these terms
and similar expressions, or the negative of these terms or similar
expressions. Such forward-looking statements, including statements
herein regarding business opportunities and prospects, design
production, product launches, licensing initiatives, and projected
operating expenses are necessarily based upon estimates and
assumptions that, while considered reasonable by us and our
management, are inherently uncertain. Readers are cautioned not to
place undue reliance on these forward-looking statements. Actual
results may differ materially from those indicated by these
forward-looking statements as a result of risks and uncertainties
impacting, among other items - risks related to market, economic
and other conditions; our current liquidity position, the need to
obtain additional financing to support ongoing operations, WiSA’s
ability to continue as a going concern; WiSA’s ability to maintain
the listing of its common stock on Nasdaq, WiSA’s ability to manage
costs and execute on its operational and budget plans; and, WiSA’s
ability to achieve its financial goals and other risks as more
fully described in WISA’s filings with the SEC. The information in
this press release is provided only as of the date of this press
release, and WiSA undertakes no obligation to update any
forward-looking statements contained in this press release based on
new information, future events, or otherwise, except as required by
law. WiSA disclaims any obligation to update these forward-looking
statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240521668585/en/
David Barnard, LHA Investor Relations, 415-433-3777,
wisa@lhai.com
WiSA Technologies (NASDAQ:WISA)
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